Business
Cancellation of escrow shares PDMR dealing/buyback
Cancellation of escrow shares PDMR dealing/buyback.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 5958S EKF Diagnostics Holdings PLC 03 October 2017 \n\nEKF Diagnostics Holdings plc\n(\"EKF\", the \"Company\")\n \nCancellation of escrow shares in connection with the acquisition of Selah Genomics, Inc. (\"Selah\") and PDMR dealing/transaction in own shares\n \nEKF Diagnostics Holdings plc (AIM: EKF), the AIM listed medical diagnostics business, announces an update to its prior announcement on 6 November 2015 in relation to the settlement agreement reached with the majority of the former shareholders of Selah.\n \nBackground\nOn 6 November 2015 the Company announced that following its acquisition of Selah on 20 March 2014 it had entered into an agreement with the majority of the former shareholders of Selah (the \"Majority Shareholders\") under which, amongst other things, the Majority Shareholders released to EKF certain shares in EKF that had been issued as part of the consideration for Selah but held in escrow (the \"Escrow Shares\")(the \"Agreement\"). The Company subsequently announced the sale of Selah on 23 December 2015.\n \nCancellation\nIn the announcement on 6 November 2016 EKF announced its intention to sell or cancel 5,630,032 of the shares held in the escrow account. The remainder of the 205,561 shares in the escrow account were to be released to those shareholders in Selah who did not enter into the Agreement. In order to compensate EKF in respect of these shares, the four largest Majority Shareholders also agreed collectively to either sell 205,561 shares in EKF held by them (the \"Compensation Shares\") and transfer the net proceeds of sale to EKF or return them to the Company, free of payment, for cancellation.\n \nThe Company will now cancel the 5,630,032 Escrow Shares (the \"Cancellation\"). At the same time, the Company is also in the process of arranging for the Compensation Shares to be transferred to it for cancellation and it is envisaged that this will take place over the next few weeks. Further announcements will be made at the appropriate time.\n \nPDMR dealing/transaction in own shares\nAs part of the Cancellation and the subsequent cancellation of the Compensation Shares, EKF announces that on 3 October 2017 it acquired 1,000,000 ordinary shares at a price of 24 pence per share (the \"Buyback\") from Harwood Capital LLP (\"Harwood\") as investm...